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Solution

If MicroBlaze is used with a non-default reset vector location (for example, if a MicroBlaze design has a UART peripheral with a reset vector set to 0x0003_0000), the bootloop_le.elf file should populate the reset vector accordingly.

However, merging the BRAM INIT strings in Bitstream for a MicroBlaze design with relocatable vectors does not take care of the offset address.